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Litecoin and Ethereum buys and sells are temporarily disabled

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Re: Litecoin and Ethereum buys and sells are temporarily disabled

#421

Post by dmcy22 »

toki5 wrote: post #411
garybro wrote: post #303

I've made about $110k profit this year in crypto on a $21k investment earlier this year, and I think this is all a giant bubble. I was at my parents' house for Thanksgiving and a commercial with Ron Paul talking about Bitcoin came on, which coincided with around the time it went to $10k, and it hit me really hard that this isn't going to last forever (and probably will hurt sooner rather than later). I liquidated eve…

Wait, I'm confused by your numbers there. Buy: 300 LTC @ 241 = $72,300 + 1.49% fee ($1077) = $73,377 cost basis Sell: 300 LTC @ 251 = $75,300 - 1.49% fee ($1122) = $74,178 gross $74,178 - $73,377 = $801 net and that's before accounting for taxes. What am I missing here?

There are no fees on GDAX (Coinbase’s exchange) if you are a market maker, i.e. post only limit orders. So $801 + $1122 + $1077 = $3000.

Even if you don’t plan to trade, it might be a good idea to buy/sell through GDAX rather than Coinbase to avoid the fees.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#422

Post by School-Cotton »

smokeyj wrote: post #396
andr3w321 wrote: post #365

Earlier quoted context omitted.

The fundamentals are at the current price of $17,000/btc bitcoin mining costs are about $14.5B annually(144 blocks of 12.5 btc/block plus ~3.8 btc/block in fees) in electricity expenses due to paying off miners which is about on par with the 8th largest company in the world Facebook. Bitcoin's revenue/year is however much money people feel like FOMOing in + however much tether money bitfinex feels like printing which…

It isn't crazy to imagine crypto becoming adopted for actual transactions . Even if people are currently speculating, they're still downloading wallets they can spend from and loading it up with currency. For all these users there is now nearly zero obstacles to spending. This isn't even to say bitcoin is the transaction layer, but bitcoin still provides liquidity to any alt/2nd layer solution.

You don't need to physically control your own coins to speculate. I suspect many people are just keeping their stash on exchanges or online wallets.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#423

Post by analyst74 »

DenisM wrote: post #410
CPLX wrote: post #402

Earlier quoted context omitted.

Bitcoin doesn't have fundamentals. Stocks are a claim on assets, buildings, inventories, and future profits. Real shit, like a parking lot full of trucks or something. Those are the fundamentals. Cryptocurrencies dont have anything like that. To the extent that there is an analogous concept it's their utility as a means of exchange. Which outside of drugs and hard drive ransoms is minuscule at best.

You’re forgetting currency control evasion. If a businessman from a country with tight controls wants to move money out of the country he would buy bitcoin and then sell it the other side of the border. This sort of activity is going on all the time, and it creates demand for crypto currencies.

I don't see how bitcoin can facilitate currency control evasion. The government can simply shut down all local exchanges, and some already did.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#424

Post by geofft »

a_tractor wrote: post #417
geofft wrote: post #244

Earlier quoted context omitted.

The current Bitcoin transaction fee is $20+. Credit card processors charge you under 3%. If you're doing transactions of under about $700 USD, credit card fees are cheaper than Bitcoin fees.

I moved $1800 worth of LTC (Litecoin, one of the subjects of this thread) last night. The Tx fee was $0.01 and the funds were received in less than 1 minute. No more processing, no waiting for the next business day (or 3)... For 1 cent and 1 minute later the receiver can do whatever they want with it immediately. That is cheaper than CC, faster than Venmo, or whatever.

Why are Litecoin's transaction fees multiple orders of magnitude smaller than Bitcoin's? Is this a result of genuinely better technical decisions than in Litecoin (mining is cheaper because it's less hardware-friendly, blocks are generated more quickly) or just lower transaction volume / demand for transactions because it's less well-known? That is, if Bitcoin somehow implodes tomorrow and everyone moves to Litecoin, would you still expect similarly low Litecoin fees?

Was this an on-chain transaction or a Lightning transaction?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#425

Post by drvdevd »

garybro wrote: post #303

I've made about $110k profit this year in crypto on a $21k investment earlier this year, and I think this is all a giant bubble. I was at my parents' house for Thanksgiving and a commercial with Ron Paul talking about Bitcoin came on, which coincided with around the time it went to $10k, and it hit me really hard that this isn't going to last forever (and probably will hurt sooner rather than later). I liquidated eve…

This is really cool that you made a profit on this bubble, and if I were to take that point to heart and start investing USD in BTC, I guess I would just become part of that. As you say, I would just be out to get rich.

But what about all the non-fiat purposes of crypto currency? It seems that is what’s currently getting lost in the conversation.

For example, I simply want a way to accept electronic payments from people without dealing with middle men.

I want merchants and the general public to become aware of the inherent value in some blockchain by itself as a way for us all to spend “money” and get “paid” in a peer-to-peer manner.

I hope the people who are buying into this bubble come to see this. But I’m afraid if they do get burned, they will have missed the whole point.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#426

Post by deepGem »

charlesdm wrote: post #321
garybro wrote: post #303

I've made about $110k profit this year in crypto on a $21k investment earlier this year, and I think this is all a giant bubble. I was at my parents' house for Thanksgiving and a commercial with Ron Paul talking about Bitcoin came on, which coincided with around the time it went to $10k, and it hit me really hard that this isn't going to last forever (and probably will hurt sooner rather than later). I liquidated eve…

Even if it is a bubble, that doesn't mean it can't go another 20x from here, depending which crypto you put your money in. There's cheap liquidity (ho ho ho said the FED and the ECB), there are institutions (pension funds) that are starting to buy in, and in comparison, the dot-com bubble (which was mainly a US led bubble, not global) went to $5.7tn to $1.7tn. Gold is worth $8tn globally. Why couldn't Bitcoin get to…

This is my belief too. I think if you can buy and hold for the next 5 years or so, massive volatility doesn't affect you. Volatility affects the day traders and the like.

To draw a parallel to the stock market is not appropriate, but those who bought into MSFT or AMZN even during the peak of the dot com bubble have nothing to regret today.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#427

Post by crystaln »

garybro wrote: post #303

I've made about $110k profit this year in crypto on a $21k investment earlier this year, and I think this is all a giant bubble. I was at my parents' house for Thanksgiving and a commercial with Ron Paul talking about Bitcoin came on, which coincided with around the time it went to $10k, and it hit me really hard that this isn't going to last forever (and probably will hurt sooner rather than later). I liquidated eve…

BTC will supplement gold for value storage and will hit a $5T market cap in a few years IMO. It certainly has utility for storing and moving value. Don't underestimate that.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#428

Post by ericsoderstrom »

deepGem wrote: post #426
charlesdm wrote: post #321

Earlier quoted context omitted.

Even if it is a bubble, that doesn't mean it can't go another 20x from here, depending which crypto you put your money in. There's cheap liquidity (ho ho ho said the FED and the ECB), there are institutions (pension funds) that are starting to buy in, and in comparison, the dot-com bubble (which was mainly a US led bubble, not global) went to $5.7tn to $1.7tn. Gold is worth $8tn globally. Why couldn't Bitcoin get to…

This is my belief too. I think if you can buy and hold for the next 5 years or so, massive volatility doesn't affect you. Volatility affects the day traders and the like. To draw a parallel to the stock market is not appropriate, but those who bought into MSFT or AMZN even during the peak of the dot com bubble have nothing to regret today.

What about people who bought pets.com or webvan stock, or any number of countless stocks which soon became worthless?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#429

Post by panarky »

johnwheeler wrote: post #406
panarky wrote: post #395

Earlier quoted context omitted.

> By then, you'll realize it was a mirage all along This is exactly my point. Why are you so certain? How can you tell the difference between this and any other technology adoption logistic curve? People make statements like you do with 100% confidence, and you could very well be right! But where do you get your certainty? And were you equally certain about the inevitable demise of cryptocurrencies when the market wa…

> But where do you get your certainty? By way of an understanding of human nature. From the book Bull! A history of boom and bust: “...A bubble, Galbraith observed, is always supported by the belief that there is something new in the world. The history of past cycles is dismissed as irrelevant.“ That’s it in a nutshell. It is a time-tested part of who we are, and it’s almost like you’re either born with the ability t…

> ...A bubble, Galbraith observed ...

Counterpoint: Galbraith confidently called the US stock market a "classic bubble" in April, 1999. At that time, the Dow Jones was at 10,494. Today it's at 24,504.

Looking back with 20/20 hindsight, it now looks like Galbraith was wrong.

Source: https://www.theguardian.com/business/1999/apr/18/observerbus...

> Assets need to be productive in order to be true investments

Counterpoint: Maybe assets need to be useful to have value. Land, copper, the balance on a Walmart gift card and my World of Warcraft gold don't produce anything, but they're useful, so they have value.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#430

Post by tehlike »

bushido wrote: post #294
etr-strike wrote: post #281

Earlier quoted context omitted.

Unlike people who invest in the stock market, no one buying cryptocurrencies in under the delusion they'll be bailed out.

True. Only if they have zero leverage at play. No borrowed money, no loan to default on. If not then there is most definitely going to be some element of a bailout. Anecdotal: but in the last month I have come across 6-8 people who have taken or know someone who has taken 2nd mortgages, maxed out their lines of credits, and credit cards to "invest" in crypto. I'm generally a-ok with investment loans (not from credit…

The current leverage from mortgages are probably not that big. What i am worried is the combined effect of high housing prices & relaxed loan requirements, and upcoming stock market burst.
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